N-Q 1 turner_nq.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ________ FORM N-Q ________ QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY INVESTMENT COMPANY ACT FILE NUMBER 811-07527 TURNER FUNDS (Exact name of registrant as specified in charter) ________ 1205 Westlakes Drive, Suite 100 Berwyn, PA 19312 (Address of principal executive offices) (Zip code) Turner Funds P.O. Box 219805 Kansas City, MO 64121-9805 (Name and address of agent for service) REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: 1-800-224-6312 DATE OF FISCAL YEAR END: SEPTEMBER 30, 2007 DATE OF REPORTING PERIOD: JUNE 30, 2007 ITEM 1. SCHEDULE OF INVESTMENTS -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS TURNER CONCENTRATED GROWTH FUND June 30, 2007 (Unaudited) Value Shares (000) ------------------------------------------------------------------- COMMON STOCK--99.4%++ ------------------------------------------------------------------- ------------------------------------------------------------------- CONSUMER DISCRETIONARY--3.0% ------------------------------------------------------------------- Guess? 19,560 $ 940 ----------- Total Consumer Discretionary 940 ----------- ------------------------------------------------------------------- ENERGY--2.9% ------------------------------------------------------------------- Cameco 17,860 906 ----------- Total Energy 906 ----------- ------------------------------------------------------------------- FINANCIALS--12.4% ------------------------------------------------------------------- CME Group 2,860 1,528 Goldman Sachs Group 6,280 1,361 Nymex Holdings # 8,230 1,034 ----------- Total Financials 3,923 ----------- ------------------------------------------------------------------- HEALTH CARE--6.6% ------------------------------------------------------------------- Gilead Sciences* 25,660 995 Shire ADR 15,050 1,116 ----------- Total Health Care 2,111 ----------- ------------------------------------------------------------------- INDUSTRIALS--8.9% ------------------------------------------------------------------- ABB ADR 42,470 960 Deere 9,780 1,181 First Solar* # 7,490 668 ----------- Total Industrials 2,809 ----------- ------------------------------------------------------------------- INFORMATION TECHNOLOGY--56.9% ------------------------------------------------------------------- Apple* 12,710 1,551 Cisco Systems* 62,570 1,743 Corning* 48,890 1,249 Dell* 48,890 1,396 F5 Networks* 14,110 1,137 Google, Cl A* 2,800 1,465 Intel 61,440 1,460 Maxim Integrated Products 8,510 284 Nortel Networks* 36,050 867 Nvidia* 31,260 1,291 Research In Motion* 4,940 988 Riverbed Technology* # 24,260 1,063 Salesforce.com* 16,580 711 SanDisk* 20,140 986 Sun Microsystems* 132,470 697 Value Shares (000) ------------------------------------------------------------------- VeriSign* 36,760 $ 1,166 ----------- Total Information Technology 18,054 ----------- ------------------------------------------------------------------- MATERIALS--4.7% ------------------------------------------------------------------- Monsanto 22,220 1,501 ----------- Total Materials 1,501 ----------- ------------------------------------------------------------------- TELECOMMUNICATION SERVICES--4.0% ------------------------------------------------------------------- NII Holdings* 15,800 1,276 ----------- Total Telecommunication Services 1,276 ----------- ------------------------------------------------------------------- TOTAL COMMON STOCK 31,520 (COST $25,479) ------------------------------------------------------------------- SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR LOANED SECURITIES--8.5% ------------------------------------------------------------------- Boston Global Investment Trust -- Enhanced Portfolio (1) 2,709,400 2,709 ------------------------------------------------------------------- TOTAL SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR LOANED SECURITIES ----------- (COST $2,709) 2,709 ------------------------------------------------------------------- CASH EQUIVALENT--1.4% ------------------------------------------------------------------- BlackRock TempCash Fund, Institutional Shares, 5.202%** 428,777 429 ------------------------------------------------------------------- TOTAL CASH EQUIVALENT (COST $429) 429 ------------------------------------------------------------------- TOTAL INVESTMENTS--109.3% (COST $28,617)+ $ 34,658 =========== Percentages are based on Net Assets of $31,717.*** * Non-income producing security ** Rate shown is the 7-day effective yield as of June 30, 2007. *** Numbers have been rounded to the nearest thousand. # Security fully or partially on loan at June 30, 2007. The total value of securities on loan at June 30, 2007 was $2,620,479. (1) A private placement security. Units are non-transferable but may be redeemed at the NAV. The Fund lends securities in its portfolio pursuant to a securities lending agreement ("Lending Agreement") with Goldman Sachs & Co. Unless otherwise agreed, security loans made pursuant to the Lending Agreement are required at all times to be secured by collateral equal to at least 102% of the market value of the securities loaned. Cash collateral received is invested pursuant to the terms of the Lending Agreement in the Boston Global Investment Trust -- Enhanced Portfolio, a pooled investment fund. All such investments are made at the risk of the Fund. As such, the Fund is liable for the investment losses. The Fund receives an annual fee for its participation in the Lending Agreement based on projected lending activity. ADR -- American Depositary Receipt Cl -- Class -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS TURNER CONCENTRATED GROWTH FUND June 30, 2007 (Unaudited) + At June 30, 2007, the tax basis cost of the Fund's investments was $28,626, and the unrealized appreciation and depreciation were $6,198 and $(166), respectively.*** ++ More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes. For information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements. -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS TURNER CORE GROWTH FUND June 30, 2007 (Unaudited) Value Shares (000) ---------------------------------------------------------------- COMMON STOCK--97.7% ---------------------------------------------------------------- ---------------------------------------------------------------- CONSUMER DISCRETIONARY--8.3% ---------------------------------------------------------------- Amazon.com* 19,160 $ 1,311 Coach* 44,330 2,101 Expedia* 40,850 1,197 GameStop, Cl A* 35,480 1,387 Goodyear Tire & Rubber* 57,400 1,995 Guess? 32,190 1,546 International Game Technology 52,730 2,093 Las Vegas Sands* 27,960 2,136 News, Cl A 40,390 857 Polo Ralph Lauren 17,410 1,708 ----------- Total Consumer Discretionary 16,331 ----------- ---------------------------------------------------------------- CONSUMER STAPLES--7.3% ---------------------------------------------------------------- Avon Products 45,600 1,676 Coca-Cola 81,970 4,288 CVS Caremark 122,150 4,452 Hansen Natural* 29,340 1,261 PepsiCo 43,510 2,822 ----------- Total Consumer Staples 14,499 ----------- ---------------------------------------------------------------- ENERGY--11.4% ---------------------------------------------------------------- Cameco 56,650 2,874 Cameron International* 44,200 3,159 Consol Energy 71,800 3,311 Marathon Oil 43,690 2,620 Schlumberger 32,100 2,726 Southwestern Energy* 20,960 933 Williams 104,770 3,313 XTO Energy 58,406 3,510 ----------- Total Energy 22,446 ----------- ---------------------------------------------------------------- FINANCIALS--18.3% ---------------------------------------------------------------- American Express 65,040 3,979 CB Richard Ellis Group, Cl A* 80,410 2,935 Charles Schwab 190,240 3,904 CME Group 8,260 4,414 Credit Suisse Group ADR 34,010 2,413 Goldman Sachs Group 27,290 5,915 IntercontinentalExchange* 19,090 2,822 Nymex Holdings 18,730 2,353 State Street 56,150 3,841 Value Shares (000) ---------------------------------------------------------------- T. Rowe Price Group 67,930 $ 3,525 ----------- Total Financials 36,101 ----------- ---------------------------------------------------------------- HEALTH CARE--11.4% ---------------------------------------------------------------- Abbott Laboratories 54,650 2,926 Allergan 37,880 2,183 Baxter International 51,490 2,901 Celgene* 36,330 2,083 Gilead Sciences* 77,300 2,997 Medco Health Solutions* 18,500 1,443 Schering-Plough 74,680 2,273 Shire ADR 27,090 2,008 St. Jude Medical* 42,160 1,749 Thermo Fisher Scientific* 40,130 2,076 ----------- Total Health Care 22,639 ----------- ---------------------------------------------------------------- INDUSTRIALS--9.8% ---------------------------------------------------------------- C.H. Robinson Worldwide 43,380 2,278 Deere 17,810 2,150 General Electric 242,820 9,295 Precision Castparts 18,720 2,272 Roper Industries 27,730 1,584 Sunpower, Cl A* 28,400 1,791 ----------- Total Industrials 19,370 ----------- ---------------------------------------------------------------- INFORMATION TECHNOLOGY--21.3% ---------------------------------------------------------------- Akamai Technologies* 25,070 1,219 Apple* 36,510 4,456 Broadcom, Cl A* 60,640 1,774 Cisco Systems* 184,140 5,128 Dell* 76,550 2,185 Fiserv* 50,710 2,880 Google, Cl A* 13,490 7,060 Intel 176,730 4,199 Kla-Tencor 49,390 2,714 Mastercard, Cl A 19,520 3,238 Nortel Networks* 56,500 1,359 Salesforce.com* 38,750 1,661 Texas Instruments 75,360 2,836 VeriSign* 47,260 1,500 ----------- Total Information Technology 42,209 ----------- -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS TURNER CORE GROWTH FUND June 30, 2007 (Unaudited) Value Shares (000) ---------------------------------------------------------------- MATERIALS--1.2% ---------------------------------------------------------------- Monsanto 34,460 $ 2,327 ----------- Total Materials 2,327 ----------- ---------------------------------------------------------------- TELECOMMUNICATION SERVICES--8.7% ---------------------------------------------------------------- America Movil ADR, Ser L 24,290 1,504 Crown Castle International* 58,380 2,118 Leap Wireless International* 33,590 2,838 Millicom International Cellular* 20,790 1,905 NII Holdings* 52,830 4,266 Rogers Communications, Cl B 53,830 2,287 Time Warner Telecom, Cl A* 109,250 2,196 ----------- Total Telecommunication Services 17,114 ----------- ---------------------------------------------------------------- TOTAL COMMON STOCK ----------- (COST $164,535) 193,036 ---------------------------------------------------------------- CASH EQUIVALENT--1.2% ---------------------------------------------------------------- BlackRock TempCash Fund, Institutional Shares, 5.202%** 2,387,798 2,388 ---------------------------------------------------------------- TOTAL CASH EQUIVALENT ----------- (COST $2,388) 2,388 ---------------------------------------------------------------- TOTAL INVESTMENTS--98.9% (COST $166,923)+ $ 195,424 =========== Percentages are based on Net Assets of $197,694.*** * Non-income producing security ** Rate shown is the 7-day effective yield as of June 30, 2007. *** Numbers have been rounded to the nearest thousand. ADR -- American Depositary Receipt Cl -- Class Ser -- Series + At June 30, 2007, the tax basis cost of the Fund's investments was $167,185, and the unrealized appreciation and depreciation were $29,855 and $(1,616), respectively.*** For information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements. -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS TURNER EMERGING GROWTH FUND June 30, 2007 (Unaudited) Value Shares (000) ---------------------------------------------------------------- COMMON STOCK--85.1% ---------------------------------------------------------------- ---------------------------------------------------------------- CONSUMER DISCRETIONARY--9.3% ---------------------------------------------------------------- Benihana* 53,095 $ 1,066 California Pizza Kitchen* # 192,960 4,145 Deckers Outdoor* # 166,080 16,757 DXP Enterprises* # 66,250 2,832 Genesco* # 97,120 5,080 Great Wolf Resorts* 248,286 3,538 LJ International* 275,850 2,996 New Oriental Education & Technology Group ADR* 54,570 2,931 Skechers U.S.A., Cl A* 224,710 6,562 Spartan Motors # 301,095 5,125 United Retail Group* 147,371 1,714 Volcom* # 104,890 5,258 ----------- Total Consumer Discretionary 58,004 ----------- ---------------------------------------------------------------- CONSUMER STAPLES--0.5% ---------------------------------------------------------------- Boston Beer, Cl A* 78,904 3,105 ----------- Total Consumer Staples 3,105 ----------- ---------------------------------------------------------------- ENERGY--11.0% ---------------------------------------------------------------- Carrizo Oil & Gas* # 127,940 5,306 Dawson Geophysical* 82,820 5,090 Input/Output* # 300,600 4,692 Lufkin Industries 81,040 5,231 NATCO Group, Cl A* # 171,095 7,877 Oceaneering International* # 211,070 11,111 Penn Virginia 190,740 7,668 PetroHawk Energy* # 530,454 8,413 Tetra Technologies* # 141,470 3,989 W-H Energy Services* 155,800 9,646 ----------- Total Energy 69,023 ----------- ---------------------------------------------------------------- FINANCIALS--6.9% ---------------------------------------------------------------- American Physicians Capital* # 120,000 4,860 Boston Private Financial Holdings # 133,080 3,576 Genesis Lease* 170,330 4,667 Harleysville Group # 96,680 3,225 IBERIABANK 57,480 2,842 Meadowbrook Insurance Group* 270,810 2,968 Navigators Group* 107,460 5,792 Penson Worldwide* # 196,760 4,826 Value Shares (000) ---------------------------------------------------------------- Preferred Bank # 81,945 $ 3,278 Thomas Weisel Partners Group* # 194,390 3,237 Tower Group # 124,600 3,975 ----------- Total Financials 43,246 ----------- ---------------------------------------------------------------- HEALTH CARE--14.8% ---------------------------------------------------------------- Air Methods* 42,790 1,569 Alexion Pharmaceuticals* 179,070 8,069 Align Technology* # 256,240 6,191 Arthrocare* # 58,220 2,556 Cypress Bioscience* # 221,720 2,940 HMS Holdings* # 70,480 1,349 Hologic* # 183,520 10,151 Icon ADR* 128,010 5,599 InterMune* # 173,840 4,509 Kendle International* # 164,170 6,037 Micrus Endovascular* # 64,570 1,588 MWI Veterinary Supply* # 84,150 3,357 Northstar Neuroscience* # 217,850 2,534 Omnicell* # 314,630 6,538 Omrix Biopharmaceuticals* # 203,150 6,391 Orthofix International* # 66,918 3,009 Parexel International* # 233,427 9,818 Phase Forward* # 194,000 3,265 Vital Images* # 71,851 1,951 XenoPort* 123,170 5,471 ----------- Total Health Care 92,892 ----------- ---------------------------------------------------------------- INDUSTRIALS--24.2% ---------------------------------------------------------------- AAR* # 232,100 7,662 Barnes Group # 158,530 5,022 Bucyrus International, Cl A # 283,730 20,082 CBIZ* # 563,340 4,141 Clean Harbors* 79,090 3,909 COMSYS IT Partners* # 160,650 3,664 Copa Holdings, Cl A 214,560 14,427 CRA International* 99,090 4,776 EnPro Industries* 116,660 4,992 Genesee & Wyoming, Cl A* # 107,335 3,203 H&E Equipment Services* # 116,660 3,236 Hardinge 129,120 4,394 -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS TURNER EMERGING GROWTH FUND June 30, 2007 (Unaudited) Value Shares (000) ---------------------------------------------------------------- Heico # 133,150 $ 5,603 HUB Group, Cl A* # 332,874 11,704 Hurco* # 51,143 2,556 Huron Consulting Group* # 69,280 5,058 ICT Group* # 139,450 2,609 II-VI* # 130,130 3,536 Kenexa* # 114,430 4,315 Ladish* # 197,790 8,505 LMI Aerospace* # 184,940 4,492 Middleby* # 97,960 5,860 Perini* 129,800 7,987 Powell Industries* 69,570 2,209 Titan International # 130,030 4,110 Triumph Group # 56,300 3,686 ----------- Total Industrials 151,738 ----------- ---------------------------------------------------------------- INFORMATION TECHNOLOGY--11.0% ---------------------------------------------------------------- Actuate* 864,320 5,869 Advanced Analogic Technologies* 115,920 1,124 Ansys* # 276,860 7,337 Authorize.Net Holdings* # 196,130 3,509 C-COR* 179,830 2,528 CDC, Cl A* 246,030 2,069 comScore* 134,950 3,124 Comtech Telecommunications* 100,365 4,659 Diodes* # 86,185 3,600 Novatel* 139,240 5,054 Opsware* # 248,710 2,365 OSI Systems* # 199,774 5,464 Perficient* # 193,934 4,015 Quality Systems # 209,900 7,970 Rofin-Sinar Technologies* # 46,580 3,214 The9 ADR* # 154,660 7,155 ----------- Total Information Technology 69,056 ----------- ---------------------------------------------------------------- MATERIALS--4.5% ---------------------------------------------------------------- Claymont Steel Holdings* # 89,800 1,921 RTI International Metals* 157,757 11,890 Terra Industries* # 529,300 13,455 Value Shares (000) ---------------------------------------------------------------- Universal Stainless & Alloy* # 20,123 $ 709 ----------- Total Materials 27,975 ----------- ---------------------------------------------------------------- TELECOMMUNICATION SERVICES--2.7% ---------------------------------------------------------------- Dobson Communications, Cl A* 552,560 6,139 NTELOS Holdings 190,350 5,261 PAETEC Holding* # 462,590 5,223 ----------- Total Telecommunication Services 16,623 ----------- ---------------------------------------------------------------- UTILITIES--0.2% ---------------------------------------------------------------- Artesian Resources, Cl A # 57,705 1,108 ----------- Total Utilities 1,108 ----------- ---------------------------------------------------------------- TOTAL COMMON STOCK ----------- (COST $358,790) 532,770 ---------------------------------------------------------------- REGISTERED INVESTMENT COMPANY--2.5% ---------------------------------------------------------------- iShares Russell 2000 Growth Index Fund # 181,820 15,596 ----------- ---------------------------------------------------------------- TOTAL REGISTERED INVESTMENT COMPANY ----------- (COST $14,062) 15,596 ---------------------------------------------------------------- SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR LOANED SECURITIES--43.6% ---------------------------------------------------------------- Boston Global Investment Trust -- Enhanced Portfolio (1) 272,882,550 272,883 ---------------------------------------------------------------- TOTAL SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR LOANED SECURITIES ----------- (COST $272,883) 272,883 ---------------------------------------------------------------- CASH EQUIVALENT--12.5% ---------------------------------------------------------------- BlackRock TempCash Fund, Institutional Shares, 5.202%** 78,336,910 78,337 ---------------------------------------------------------------- TOTAL CASH EQUIVALENT ----------- (COST $78,337) 78,337 ---------------------------------------------------------------- TOTAL INVESTMENTS--143.7% (COST $724,072)+ $ 899,586 =========== Percentages are based on Net Assets of $626,044.*** * Non-income producing security ** Rate shown is the 7-day effective yield as of June 30, 2007. *** Numbers have been rounded to the nearest thousand. # Security fully or partially on loan at June 30, 2007. The total value of securities on loan at June 30, 2007 was $263,058,690. -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS TURNER EMERGING GROWTH FUND June 30, 2007 (Unaudited) (1) A private placement security. Units are non-transferable but may be redeemed at the NAV. The Fund lends securities in its portfolio pursuant to a securities lending agreement ("Lending Agreement") with Goldman Sachs & Co. Unless otherwise agreed, security loans made pursuant to the Lending Agreement are required at all times to be secured by collateral equal to at least 102% of the market value of the securities loaned. Cash collateral received is invested pursuant to the terms of the Lending Agreement in the Boston Global Investment Trust -- Enhanced Portfolio, a pooled investment fund. All such investments are made at the risk of the Fund. As such, the Fund is liable for the investment losses. The Fund receives an annual fee for its participation in the Lending Agreement based on projected lending activity. ADR -- American Depositary Receipt Cl -- Class + At June 30, 2007, the tax basis cost of the Fund's investments was $724,624, and the unrealized appreciation and depreciation were $183,678 and $(8,716), respectively.*** For information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements. -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS TURNER INTERNATIONAL CORE GROWTH FUND June 30, 2007 (Unaudited) Value Shares (000) ---------------------------------------------------------------- COMMON STOCK--97.8% ---------------------------------------------------------------- ---------------------------------------------------------------- CONSUMER DISCRETIONARY--11.4% ---------------------------------------------------------------- Continental 220 $ 31 Esprit Holdings 1,250 16 Focus Media Holding ADR* 580 29 Luxottica Group 980 38 Parkson Retail Group 3,930 25 Sony 580 30 Swatch Group 70 20 Tod's 240 22 WPP Group 2,160 32 ----------- Total Consumer Discretionary 243 ----------- ---------------------------------------------------------------- CONSUMER STAPLES--10.1% ---------------------------------------------------------------- Beiersdorf 430 31 Carlsberg, Cl B 195 24 Diageo 1,670 35 Fomento Economico Mexicano 7,480 29 L'Oreal 290 34 Royal Numico 500 26 Shiseido 1,680 36 ----------- Total Consumer Staples 215 ----------- ---------------------------------------------------------------- ENERGY--4.9% ---------------------------------------------------------------- BG Group 2,040 34 Cameco 820 41 Cie Generale de Geophysique-Veritas* 120 30 ----------- Total Energy 105 ----------- ---------------------------------------------------------------- FINANCIALS--15.4% ---------------------------------------------------------------- Allied Irish Banks 1,420 39 Arch Capital Group* 440 32 Banco Bilbao Vizcaya Argentaria 1,250 31 Credit Suisse Group* 540 39 Deutsche Boerse 390 44 Man Group 3,870 47 Mitsubishi Estate 1,010 27 ORIX 120 32 Standard Chartered 1,130 37 ----------- Total Financials 328 ----------- Value Shares (000) ---------------------------------------------------------------- HEALTH CARE--7.9% ---------------------------------------------------------------- CSL 490 $ 37 Roche Holding 180 32 Shire 1,180 29 Smith & Nephew 2,000 25 Speedel Holding* 150 22 Takeda Pharmaceutical 370 24 ----------- Total Health Care 169 ----------- ---------------------------------------------------------------- INDUSTRIALS--15.6% ---------------------------------------------------------------- ABB 2,360 54 Alstom 280 47 CNH Global 900 46 Keppel 4,560 37 Kuehne & Nagel International 320 30 Mitsui OSK Lines 2,270 31 Orascom Construction Industries GDR 100 13 Rolls-Royce Group 4,520 49 Rolls-Royce Group, B Shares 137,344 -- Suntech Power Holdings ADR* 710 26 ----------- Total Industrials 333 ----------- ---------------------------------------------------------------- INFORMATION TECHNOLOGY--9.8% ---------------------------------------------------------------- Canon 780 46 LG.Philips LCD ADR* 1,350 31 MediaTek 2,640 41 Nortel Networks* 1,660 40 Research In Motion* 250 50 ----------- Total Information Technology 208 ----------- ---------------------------------------------------------------- MATERIALS--14.2% ---------------------------------------------------------------- Agnico-Eagle Mines 840 31 Akzo Nobel 520 45 Anglo American* 520 31 Arcelor Mittal 600 38 Bayer 620 47 Cemex* 8,170 30 Potash Corp. of Saskatchewan 530 41 Syngenta 200 39 ----------- Total Materials 302 ----------- -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS TURNER INTERNATIONAL CORE GROWTH FUND June 30, 2007 (Unaudited) Value Shares (000) ---------------------------------------------------------------- TELECOMMUNICATION SERVICES--4.9% ---------------------------------------------------------------- America Movil, Ser L 13,990 $ 43 Millicom International Cellular* 250 23 Rogers Communications, Cl B 910 39 ----------- Total Telecommunication Services 105 ----------- ---------------------------------------------------------------- UTILITIES--3.6% ---------------------------------------------------------------- International Power 4,480 39 Veolia Environnement 470 37 ----------- Total Utilities 76 ----------- ---------------------------------------------------------------- TOTAL COMMON STOCK ----------- (COST $1,935) 2,084 ---------------------------------------------------------------- CASH EQUIVALENT--1.2% ---------------------------------------------------------------- BlackRock TempCash Fund, Institutional Shares, 5.202%** 25,030 25 ---------------------------------------------------------------- TOTAL CASH EQUIVALENT ----------- (COST $25) 25 ---------------------------------------------------------------- TOTAL INVESTMENTS--99.0% (COST $1,960)+ $ 2,109 =========== Percentages are based on Net Assets of $2,130.*** * Non-income producing security ** Rate shown is the 7-day effective yield as of June 30, 2007. *** Numbers have been rounded to the nearest thousand. ADR -- American Depositary Receipt Cl -- Class GDR -- Global Depositary Receipt Ser -- Series + At June 30, 2007, the tax basis cost of the Fund's investments was $1,960, and the unrealized appreciation and depreciation were $173 and $(24), respectively.*** Amounts designated as "--" are either $0 or have been rounded to $0. For information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements. -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS TURNER LARGE CAP GROWTH FUND June 30, 2007 (Unaudited) Value Shares (000) ---------------------------------------------------------------- COMMON STOCK--99.0%++ ---------------------------------------------------------------- ---------------------------------------------------------------- CONSUMER DISCRETIONARY--11.5% ---------------------------------------------------------------- Amazon.com* 5,870 $ 401 Coach* 9,130 433 Expedia* 8,130 238 International Game Technology 14,050 558 Las Vegas Sands* 5,380 411 News, Cl A 9,340 198 Polo Ralph Lauren 2,800 275 Toyota Motor ADR 2,770 349 ----------- Total Consumer Discretionary 2,863 ----------- ---------------------------------------------------------------- CONSUMER STAPLES--9.8% ---------------------------------------------------------------- Avon Products 11,000 404 Coca-Cola 13,730 718 CVS Caremark 16,470 600 PepsiCo 10,990 713 ----------- Total Consumer Staples 2,435 ----------- ---------------------------------------------------------------- ENERGY--7.1% ---------------------------------------------------------------- Cameco 5,910 300 Marathon Oil 3,720 223 Peabody Energy 5,710 276 Schlumberger 6,440 547 XTO Energy 6,990 420 ----------- Total Energy 1,766 ----------- ---------------------------------------------------------------- FINANCIALS--7.6% ---------------------------------------------------------------- CME Group 1,005 537 Franklin Resources 2,370 314 Goldman Sachs Group 2,960 642 State Street 5,690 389 ----------- Total Financials 1,882 ----------- ---------------------------------------------------------------- HEALTH CARE--17.8% ---------------------------------------------------------------- Abbott Laboratories 8,580 459 Allergan 6,820 393 Baxter International 10,390 585 Celgene* 5,960 342 Gilead Sciences* 16,340 633 Medco Health Solutions* 4,700 367 Schering-Plough 14,580 444 Value Shares (000) ---------------------------------------------------------------- Shire ADR 5,210 $ 386 St. Jude Medical* 8,560 355 Thermo Fisher Scientific* 9,060 469 ----------- Total Health Care 4,433 ----------- ---------------------------------------------------------------- INDUSTRIALS--6.6% ---------------------------------------------------------------- Deere 4,060 490 Expeditors International Washington 8,150 337 General Electric 20,890 800 ----------- Total Industrials 1,627 ----------- ---------------------------------------------------------------- INFORMATION TECHNOLOGY--33.7% ---------------------------------------------------------------- Akamai Technologies* 7,870 383 Apple* 6,920 845 Broadcom, Cl A* 16,040 469 Cisco Systems* 45,670 1,272 Corning* 15,010 383 Dell* 20,580 588 Google, Cl A* 2,450 1,282 Intel 32,190 765 Kla-Tencor 11,630 639 Nortel Networks* 9,150 220 Qualcomm 12,180 528 SanDisk* 5,940 291 Texas Instruments 18,500 696 ----------- Total Information Technology 8,361 ----------- ---------------------------------------------------------------- MATERIALS--1.1% ---------------------------------------------------------------- Monsanto 4,140 280 ----------- Total Materials 280 ----------- ---------------------------------------------------------------- TELECOMMUNICATION SERVICES--3.8% ---------------------------------------------------------------- American Tower, Cl A* 11,510 484 NII Holdings* 5,800 468 ----------- Total Telecommunication Services 952 ----------- ---------------------------------------------------------------- TOTAL COMMON STOCK ----------- (COST $20,673) 24,599 ---------------------------------------------------------------- -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS TURNER LARGE CAP GROWTH FUND June 30, 2007 (Unaudited) Value Shares (000) ---------------------------------------------------------------- CASH EQUIVALENT--2.4% ---------------------------------------------------------------- BlackRock TempCash Fund, Institutional Shares, 5.202%** 601,488 $ 601 ---------------------------------------------------------------- TOTAL CASH EQUIVALENT ----------- (COST $601) 601 ---------------------------------------------------------------- TOTAL INVESTMENTS--101.4% (COST $21,274)+ $ 25,200 =========== Percentages are based on Net Assets of $24,841.*** * Non-income producing security ** Rate shown is the 7-day effective yield as of June 30, 2007. *** Numbers have been rounded to the nearest thousand. ADR -- American Depositary Receipt Cl -- Class + At June 30, 2007, the tax basis cost of the Fund's investments was $21,300, and the unrealized appreciation and depreciation were $4,157 and $(257), respectively.*** ++ More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes. For information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements. -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS TURNER LARGE CAP VALUE FUND June 30, 2007 (Unaudited) Value Shares (000) ---------------------------------------------------------------- COMMON STOCK--98.7%++ ---------------------------------------------------------------- ---------------------------------------------------------------- CONSUMER DISCRETIONARY--8.3% ---------------------------------------------------------------- Dollar Tree Stores* 230 $ 10 GameStop, Cl A* 200 8 Goodyear Tire & Rubber* 190 6 Jarden* 210 9 Johnson Controls 60 7 News, Cl A 190 4 Phillips-Van Heusen 100 6 Target 140 9 Whirlpool 90 10 ----------- Total Consumer Discretionary 69 ----------- ---------------------------------------------------------------- CONSUMER STAPLES--5.6% ---------------------------------------------------------------- Church & Dwight 120 6 Constellation Brands, Cl A* 380 9 Loews 110 9 Molson Coors Brewing, Cl B 90 8 Pepsi Bottling Group 240 8 Procter & Gamble 120 7 ----------- Total Consumer Staples 47 ----------- ---------------------------------------------------------------- ENERGY--12.8% ---------------------------------------------------------------- Cameron International* 140 10 Chevron 90 8 Devon Energy 160 13 Dresser-Rand Group* 380 15 Exxon Mobil 340 28 FMC Technologies* 140 11 National Oilwell Varco* 120 12 ONEOK Partners LP 140 10 ----------- Total Energy 107 ----------- ---------------------------------------------------------------- FINANCIALS--33.0% ---------------------------------------------------------------- Affiliated Managers Group* 90 12 Aflac 210 11 American Financial Group 300 10 American International Group 320 22 AON 180 8 Assurant 160 9 CB Richard Ellis Group, Cl A* 210 8 Charles Schwab 430 9 Citigroup 540 28 Value Shares (000) ---------------------------------------------------------------- CNA Financial* 250 $ 12 Hartford Financial Services Group 100 10 HCC Insurance Holdings 300 10 JPMorgan Chase 370 18 Legg Mason 120 12 Lincoln National 110 8 Loews 240 12 MetLife 160 10 Morgan Stanley 150 12 Philadelphia Consolidated Holding* 250 10 Reinsurance Group of America 160 10 Transatlantic Holdings 110 8 Travelers 200 11 Unum Group 400 10 Wells Fargo 140 5 ----------- Total Financials 275 ----------- ---------------------------------------------------------------- HEALTH CARE--7.7% ---------------------------------------------------------------- Express Scripts* 180 9 Humana* 110 7 Johnson & Johnson 120 7 Medco Health Solutions* 80 6 Pfizer 750 19 Schering-Plough 270 8 UnitedHealth Group 150 8 ----------- Total Health Care 64 ----------- ---------------------------------------------------------------- INDUSTRIALS--10.3% ---------------------------------------------------------------- Cummins 100 10 Dun & Bradstreet 80 8 General Electric 420 16 Kennametal 100 8 Manitowoc 90 7 Paccar 50 5 Steelcase, Cl A 390 7 Terex* 100 8 Textron 110 12 Union Pacific 40 5 ----------- Total Industrials 86 ----------- -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS TURNER LARGE CAP VALUE FUND June 30, 2007 (Unaudited) Value Shares (000) ---------------------------------------------------------------- INFORMATION TECHNOLOGY--5.3% ---------------------------------------------------------------- Compuware* 420 $ 5 Fidelity National Information Services 210 11 Hewlett-Packard 150 7 ON Semiconductor* 470 5 Texas Instruments 280 11 Vishay Intertechnology* 320 5 ----------- Total Information Technology 44 ----------- ---------------------------------------------------------------- MATERIALS--4.6% ---------------------------------------------------------------- Ball 170 9 Carpenter Technology 40 5 Celanese, Ser A 170 7 Cleveland-Cliffs 80 6 Freeport-McMoRan Copper & Gold 60 5 Greif, Cl A 100 6 ----------- Total Materials 38 ----------- ---------------------------------------------------------------- TELECOMMUNICATION SERVICES--3.3% ---------------------------------------------------------------- AT&T 460 19 Telephone & Data Systems 140 9 ----------- Total Telecommunication Services 28 ----------- ---------------------------------------------------------------- UTILITIES--7.8% ---------------------------------------------------------------- Constellation Energy Group 130 11 Entergy 50 5 PPL 190 9 Public Service Enterprise Group 100 9 Questar 180 10 Sempra Energy 170 10 Southern Union 330 11 ----------- Total Utilities 65 ----------- ---------------------------------------------------------------- TOTAL COMMON STOCK ----------- (COST $768) 823 ---------------------------------------------------------------- Value Shares (000) ---------------------------------------------------------------- CASH EQUIVALENT--1.9% ---------------------------------------------------------------- BlackRock TempCash Fund, Institutional Shares, 5.202%** 15,866 $ 16 ---------------------------------------------------------------- TOTAL CASH EQUIVALENT ----------- (COST $16) 16 ---------------------------------------------------------------- TOTAL INVESTMENTS--100.6% (COST $784)+ $ 839 =========== Percentages are based on Net Assets of $834.*** * Non-income producing security ** Rate shown is the 7-day effective yield as of June 30, 2007. *** Numbers have been rounded to the nearest thousand. Cl -- Class LP -- Limited Partnership Ser -- Series + At June 30, 2007, the tax basis cost of the Fund's investments was $784, and the unrealized appreciation and depreciation were $59 and $(4), respectively.*** ++ More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes. For information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements. -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS TURNER MIDCAP EQUITY FUND June 30, 2007 (Unaudited) Value Shares (000) ---------------------------------------------------------------- COMMON STOCK--97.2% ---------------------------------------------------------------- ---------------------------------------------------------------- CONSUMER DISCRETIONARY--15.6% ---------------------------------------------------------------- Belo, Cl A 240 $ 5 Career Education* 180 6 Columbia Sportswear 90 6 Dollar Tree Stores* 140 6 DreamWorks Animation SKG, Cl A* 150 4 Goodyear Tire & Rubber* 170 6 Jarden* 220 9 O'Reilly Automotive* 200 7 PetSmart 210 7 R.H. Donnelley 100 8 Saks 320 7 Sally Beauty Holdings* 610 6 ----------- Total Consumer Discretionary 77 ----------- ---------------------------------------------------------------- CONSUMER STAPLES--2.0% ---------------------------------------------------------------- Hormel Foods 160 6 Molson Coors Brewing, Cl B 40 4 ----------- Total Consumer Staples 10 ----------- ---------------------------------------------------------------- ENERGY--5.7% ---------------------------------------------------------------- Acergy ADR 280 6 Cameron International* 100 7 FMC Technologies* 100 8 Range Resources 190 7 ----------- Total Energy 28 ----------- ---------------------------------------------------------------- FINANCIALS--12.2% ---------------------------------------------------------------- Alexandria Real Estate Equities 40 4 Arch Capital Group* 130 9 Assurant 100 6 Douglas Emmett 150 4 Everest Re Group 60 6 Hanover Insurance Group 130 6 IntercontinentalExchange* 70 10 Lazard, Cl A 110 5 Security Capital Assurance 180 6 SL Green Realty 30 4 ----------- Total Financials 60 ----------- Value Shares (000) ---------------------------------------------------------------- HEALTH CARE--7.9% ---------------------------------------------------------------- Cephalon* 90 $ 7 Charles River Laboratories International* 120 6 Gen-Probe* 40 2 Health Net* 110 6 Henry Schein* 90 5 IMS Health 200 7 Pediatrix Medical Group* 110 6 ----------- Total Health Care 39 ----------- ---------------------------------------------------------------- INDUSTRIALS--20.7% ---------------------------------------------------------------- AerCap Holdings* 270 9 Brink's 150 9 Carlisle 160 7 Chicago Bridge & Iron, NY Shares 160 6 Corrections Corp. of America* 100 6 Covanta Holding* 380 9 General Cable* 90 7 Harsco 130 7 Lincoln Electric Holdings 130 10 Manitowoc 90 7 Roper Industries 150 9 RR Donnelley & Sons 220 10 Ryder System 110 6 ----------- Total Industrials 102 ----------- ---------------------------------------------------------------- INFORMATION TECHNOLOGY--14.8% ---------------------------------------------------------------- Alliance Data Systems* 30 2 Amphenol, Cl A 210 8 Atmel* 1,090 6 CDW 40 3 Factset Research Systems 110 8 Fairchild Semiconductor International* 280 5 Fidelity National Information Services 150 8 Harris 120 7 Novell* 1,160 9 ON Semiconductor* 850 9 Verigy* 280 8 ----------- Total Information Technology 73 ----------- -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS TURNER MIDCAP EQUITY FUND June 30, 2007 (Unaudited) Value Shares (000) ---------------------------------------------------------------- MATERIALS--7.1% ---------------------------------------------------------------- Celanese, Ser A 190 $ 7 Nalco Holding 280 8 Sigma-Aldrich 160 7 Sonoco Products 170 7 Titanium Metals* 190 6 ----------- Total Materials 35 ----------- ---------------------------------------------------------------- TELECOMMUNICATION SERVICES--5.9% ---------------------------------------------------------------- Leap Wireless International* 120 10 NII Holdings* 130 10 SBA Communications, Cl A* 260 9 ----------- Total Telecommunication Services 29 ----------- ---------------------------------------------------------------- UTILITIES--5.3% ---------------------------------------------------------------- Allegheny Energy* 120 6 MDU Resources Group 150 4 National Fuel Gas 90 4 Oneok 110 6 Sierra Pacific Resources* 320 6 ----------- Total Utilities 26 ----------- ---------------------------------------------------------------- TOTAL COMMON STOCK ----------- (COST $463) 479 ---------------------------------------------------------------- CASH EQUIVALENT--4.2% ---------------------------------------------------------------- BlackRock TempCash Fund, Institutional Shares, 5.202%** 20,968 21 ---------------------------------------------------------------- TOTAL CASH EQUIVALENT ----------- (COST $21) 21 ---------------------------------------------------------------- TOTAL INVESTMENTS--101.4% (COST $484)+ $ 500 =========== Percentages are based on Net Assets of $493.*** * Non-income producing security ** Rate shown is the 7-day effective yield as of June 30, 2007. *** Numbers have been rounded to the nearest thousand. ADR -- American Depositary Receipt Cl -- Class NY -- New York Ser -- Series + At June 30, 2007, the tax basis cost of the Fund's investments was $484, and the unrealized appreciation and depreciation were $23 and $(7), respectively.*** For information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements. -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS TURNER MIDCAP GROWTH FUND June 30, 2007 (Unaudited) Value Shares (000) ---------------------------------------------------------------- COMMON STOCK--97.8% ---------------------------------------------------------------- ---------------------------------------------------------------- CONSUMER DISCRETIONARY--17.2% ---------------------------------------------------------------- Coach* 368,320 $ 17,455 Expedia* 293,280 8,590 Focus Media Holding ADR* # 273,132 13,793 GameStop, Cl A* 428,030 16,736 Goodyear Tire & Rubber* 473,090 16,445 Guess? 347,800 16,708 Hilton Hotels 474,790 15,891 International Game Technology 426,140 16,918 Jarden* 192,950 8,299 O'Reilly Automotive* 249,310 9,112 Polo Ralph Lauren 166,910 16,375 Starwood Hotels & Resorts Worldwide 144,070 9,663 Under Armour, Cl A* # 254,625 11,624 Urban Outfitters* # 300,510 7,221 WMS Industries* # 432,105 12,470 Wynn Resorts* # 146,367 13,128 ----------- Total Consumer Discretionary 210,428 ----------- ---------------------------------------------------------------- CONSUMER STAPLES--3.3% ---------------------------------------------------------------- Avon Products 361,450 13,283 Bare Escentuals* # 148,687 5,078 Hansen Natural* # 213,880 9,193 WM Wrigley Jr. # 233,690 12,925 ----------- Total Consumer Staples 40,479 ----------- ---------------------------------------------------------------- ENERGY--8.7% ---------------------------------------------------------------- Arch Coal 190,080 6,615 Cameron International* 220,510 15,760 Diamond Offshore Drilling 58,810 5,973 Frontier Oil 171,950 7,526 National Oilwell Varco* 169,360 17,654 Quicksilver Resources* 217,110 9,679 Range Resources 473,755 17,723 Southwestern Energy* 209,310 9,314 Williams 512,590 16,208 ----------- Total Energy 106,452 ----------- ---------------------------------------------------------------- FINANCIALS--10.4% ---------------------------------------------------------------- Affiliated Managers Group* 128,340 16,525 CB Richard Ellis Group, Cl A* 322,940 11,787 Digital Realty Trust 171,510 6,463 Greenhill # 115,621 7,944 Value Shares (000) ---------------------------------------------------------------- IntercontinentalExchange* 122,200 $ 18,067 Lazard, Cl A 113,430 5,108 Northern Trust 217,326 13,961 Nymex Holdings # 98,800 12,412 Synovus Financial 51,078 1,568 T. Rowe Price Group # 456,802 23,704 TD Ameritrade Holding* 441,410 8,828 ----------- Total Financials 126,367 ----------- ---------------------------------------------------------------- HEALTH CARE--11.9% ---------------------------------------------------------------- Alexion Pharmaceuticals* 215,020 9,689 Allergan # 145,000 8,358 C.R. Bard 74,640 6,167 Dentsply International 171,330 6,555 Express Scripts* 186,000 9,302 Health Net* 100,790 5,322 Henry Schein* 163,479 8,735 Hologic* # 109,510 6,057 Intuitive Surgical* # 49,350 6,848 Kyphon* 174,430 8,399 Manor Care # 157,140 10,259 Psychiatric Solutions* # 167,604 6,077 Shire ADR 220,870 16,373 St. Jude Medical* 382,170 15,856 Thermo Fisher Scientific* 227,450 11,764 Universal Health Services, Cl B 150,940 9,283 ----------- Total Health Care 145,044 ----------- ---------------------------------------------------------------- INDUSTRIALS--11.9% ---------------------------------------------------------------- Ametek 286,290 11,360 Baldor Electric 222,670 10,973 C.H. Robinson Worldwide # 306,712 16,109 Corrections Corp. of America* # 147,580 9,314 First Solar* 136,670 12,203 General Cable* 130,040 9,851 Harsco 259,660 13,502 Monster Worldwide* 200,345 8,234 Oshkosh Truck # 99,210 6,242 Precision Castparts 202,670 24,596 Quanta Services* 163,500 5,015 Roper Industries 268,380 15,325 -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS TURNER MIDCAP GROWTH FUND June 30, 2007 (Unaudited) Value Shares (000) ---------------------------------------------------------------- Shaw Group* 62,140 $ 2,876 ----------- Total Industrials 145,600 ----------- ---------------------------------------------------------------- INFORMATION TECHNOLOGY--23.5% ---------------------------------------------------------------- Akamai Technologies* 361,362 17,577 Altera # 641,000 14,185 Atheros Communications* 363,636 11,215 BigBand Networks* # 182,091 2,387 F5 Networks* 303,590 24,469 Fiserv* 318,671 18,101 Intersil, Cl A 481,530 15,149 Juniper Networks* 409,055 10,296 Kla-Tencor # 369,270 20,291 Maxim Integrated Products 539,810 18,035 Nvidia* 423,020 17,475 ON Semiconductor* 740,606 7,939 Polycom* # 243,876 8,194 Riverbed Technology* 150,400 6,591 Salesforce.com* # 289,440 12,405 SAVVIS* 183,175 9,069 Sina* 213,460 8,936 Sonus Networks* 802,930 6,841 Varian Semiconductor Equipment Associates* # 371,760 14,893 VeriFone Holdings* 339,355 11,962 VeriSign* 689,424 21,875 VistaPrint* 242,660 9,282 ----------- Total Information Technology 287,167 ----------- ---------------------------------------------------------------- MATERIALS--3.8% ---------------------------------------------------------------- Allegheny Technologies 93,410 9,797 Celanese, Ser A 251,114 9,738 Owens-Illinois* # 598,280 20,940 Sterlite Industries India* 354,960 5,207 ----------- Total Materials 45,682 ----------- ---------------------------------------------------------------- TELECOMMUNICATION SERVICES--7.1% ---------------------------------------------------------------- American Tower, Cl A* 370,930 15,579 Cogent Communications Group* 251,662 7,517 Crown Castle International* 250,180 9,074 Leap Wireless International* # 183,444 15,501 MetroPCS Communications* 188,010 6,212 Value Shares (000) ---------------------------------------------------------------- NII Holdings* # 407,330 $ 32,888 ----------- Total Telecommunication Services 86,771 ----------- ---------------------------------------------------------------- TOTAL COMMON STOCK ----------- (COST $907,401) 1,193,990 ---------------------------------------------------------------- SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR LOANED SECURITIES--13.1% ---------------------------------------------------------------- Boston Global Investment Trust -- Enhanced Portfolio (1) 159,063,333 159,063 ---------------------------------------------------------------- TOTAL SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR LOANED SECURITIES ----------- (COST $159,063) 159,063 ---------------------------------------------------------------- CASH EQUIVALENT--1.7% ---------------------------------------------------------------- BlackRock TempCash Fund, Institutional Shares, 5.202%** 20,914,710 20,915 ---------------------------------------------------------------- TOTAL CASH EQUIVALENT ----------- (COST $20,915) 20,915 ---------------------------------------------------------------- TOTAL INVESTMENTS--112.6% (COST $1,087,379)+ $ 1,373,968 =========== Percentages are based on Net Assets of $1,220,757.*** * Non-income producing security ** Rate shown is the 7-day effective yield as of June 30, 2007. *** Numbers have been rounded to the nearest thousand. # Security fully or partially on loan at June 30, 2007. The total value of securities on loan at June 30, 2007 was $153,407,146. (1) A private placement security. Units are non-transferable but may be redeemed at the NAV. The Fund lends securities in its portfolio pursuant to a securities lending agreement ("Lending Agreement") with Goldman Sachs & Co. Unless otherwise agreed, security loans made pursuant to the Lending Agreement are required at all times to be secured by collateral equal to at least 102% of the market value of the securities loaned. Cash collateral received is invested pursuant to the terms of the Lending Agreement in the Boston Global Investment Trust -- Enhanced Portfolio, a pooled investment fund. All such investments are made at the risk of the Fund. As such, the Fund is liable for the investment losses. The Fund receives an annual fee for its participation in the Lending Agreement based on projected lending activity. ADR -- American Depositary Receipt Cl -- Class Ser -- Series + At June 30, 2007, the tax basis cost of the Fund's investments was $1,087,911, and the unrealized appreciation and depreciation were $292,980 and $(6,923), respectively.*** For information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements. -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS TURNER NEW ENTERPRISE FUND June 30, 2007 (Unaudited) Value Shares (000) ---------------------------------------------------------------- COMMON STOCK--96.8%++ ---------------------------------------------------------------- ---------------------------------------------------------------- CONSUMER DISCRETIONARY--10.0% ---------------------------------------------------------------- Focus Media Holding ADR* 11,730 $ 592 Guess? 15,890 763 Under Armour, Cl A* # 9,370 428 WMS Industries* 12,770 369 ----------- Total Consumer Discretionary 2,152 ----------- ---------------------------------------------------------------- FINANCIALS--7.9% ---------------------------------------------------------------- CME Group 1,180 631 IntercontinentalExchange* 4,310 637 Nymex Holdings # 3,350 421 ----------- Total Financials 1,689 ----------- ---------------------------------------------------------------- HEALTH CARE--7.8% ---------------------------------------------------------------- Alexion Pharmaceuticals* 8,350 376 Gilead Sciences* 10,820 419 KV Pharmaceutical, Cl A* # 14,830 404 Shire ADR 6,550 486 ----------- Total Health Care 1,685 ----------- ---------------------------------------------------------------- INDUSTRIALS--1.8% ---------------------------------------------------------------- First Solar* # 4,330 387 ----------- Total Industrials 387 ----------- ---------------------------------------------------------------- INFORMATION TECHNOLOGY--49.2% ---------------------------------------------------------------- Akamai Technologies* 9,160 445 Apple* 10,090 1,231 Atheros Communications* 16,500 509 Cavium Networks* # 14,880 337 Ciena* # 11,560 418 Cisco Systems* 19,240 536 F5 Networks* 14,250 1,148 Foundry Networks* 18,000 300 Google, Cl A* 1,870 979 Intersil, Cl A 26,080 820 LG.Philips LCD ADR* # 15,470 350 Omniture* # 14,920 342 Research In Motion* 6,470 1,294 Varian Semiconductor Equipment Associates* 19,185 769 VeriSign* 24,110 765 Value Shares (000) ---------------------------------------------------------------- VistaPrint* # 8,550 $ 327 ----------- Total Information Technology 10,570 ----------- ---------------------------------------------------------------- MATERIALS--6.9% ---------------------------------------------------------------- Cemex ADR* # 13,620 502 Monsanto 14,520 981 ----------- Total Materials 1,483 ----------- ---------------------------------------------------------------- TELECOMMUNICATION SERVICES--13.2% ---------------------------------------------------------------- American Tower, Cl A* 13,030 547 Cogent Communications Group* 17,470 522 Leap Wireless International* 6,830 577 NII Holdings* 14,820 1,197 ----------- Total Telecommunication Services 2,843 ---------------------------------------------------------------- TOTAL COMMON STOCK ----------- (COST $14,885) 20,809 ---------------------------------------------------------------- SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR LOANED SECURITIES--17.9% ---------------------------------------------------------------- Boston Global Investment Trust -- Enhanced Portfolio (1) 3,843,900 3,844 ----------- ---------------------------------------------------------------- TOTAL SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR LOANED SECURITIES ----------- (COST $3,844) 3,844 ---------------------------------------------------------------- CASH EQUIVALENT--2.2% ---------------------------------------------------------------- BlackRock TempCash Fund, Institutional Shares, 5.202%** 464,466 464 ---------------------------------------------------------------- TOTAL CASH EQUIVALENT ----------- (COST $464) 464 ---------------------------------------------------------------- TOTAL INVESTMENTS--116.9% (COST $19,193)+ $ 25,117 =========== Percentages are based on Net Assets of $21,490.*** * Non-income producing security ** Rate shown is the 7-day effective yield as of June 30, 2007. *** Numbers have been rounded to the nearest thousand. # Security fully or partially on loan at June 30, 2007. The total value of securities on loan at June 30, 2007 was $3,679,449. -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS TURNER NEW ENTERPRISE FUND June 30, 2007 (Unaudited) (1) A private placement security. Units are non-transferable but may be redeemed at the NAV. The Fund lends securities in its portfolio pursuant to a securities lending agreement ("Lending Agreement") with Goldman Sachs & Co. Unless otherwise agreed, security loans made pursuant to the Lending Agreement are required at all times to be secured by collateral equal to at least 102% of the market value of the securities loaned. Cash collateral received is invested pursuant to the terms of the Lending Agreement in the Boston Global Investment Trust -- Enhanced Portfolio, a pooled investment fund. All such investments are made at the risk of the Fund. As such, the Fund is liable for the investment losses. The Fund receives an annual fee for its participation in the Lending Agreement based on projected lending activity. ADR -- American Depositary Receipt Cl -- Class + At June 30, 2007, the tax basis cost of the Fund's investments was $19,254, and the unrealized appreciation and depreciation were $5,956 and $(93), respectively.*** ++ More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes. For information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements. -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS TURNER SMALL CAP EQUITY FUND June 30, 2007 (Unaudited) Value Shares (000) ---------------------------------------------------------------- COMMON STOCK--97.9% ---------------------------------------------------------------- ---------------------------------------------------------------- CONSUMER DISCRETIONARY--15.7% ---------------------------------------------------------------- Applebees International 29,020 $ 699 Arbitron 16,510 851 Bob Evans Farms 24,980 921 Bright Horizons Family Solutions* 18,800 732 Cabela's* 24,500 542 Callaway Golf 52,350 932 Entravision Communications, Cl A* 57,840 603 Gemstar-TV Guide International* 147,990 728 Lions Gate Entertainment* 68,670 758 Movado Group 11,180 377 PEP Boys-Manny Moe & Jack 51,500 1,038 Skechers U.S.A., Cl A* 14,510 424 Smith & Wesson Holding* 79,820 1,337 Tenneco* 27,460 962 WMS Industries* 24,360 703 ----------- Total Consumer Discretionary 11,607 ----------- ---------------------------------------------------------------- CONSUMER STAPLES--4.2% ---------------------------------------------------------------- BJ's Wholesale Club* 26,010 937 Cott* 50,610 728 Longs Drug Stores 14,230 747 Pantry* 13,980 645 ----------- Total Consumer Staples 3,057 ----------- ---------------------------------------------------------------- ENERGY--6.3% ---------------------------------------------------------------- Arena Resources* 16,990 987 Atwood Oceanics* 11,990 823 Goodrich Petroleum* # 24,850 861 Parallel Petroleum* 41,630 912 Petroleum Development* 15,780 749 Rosetta Resources* 15,370 331 ----------- Total Energy 4,663 ----------- ---------------------------------------------------------------- FINANCIALS--17.3% ---------------------------------------------------------------- Advanta, Cl B 22,200 691 BioMed Realty Trust 23,490 590 Boston Private Financial Holdings 13,130 353 Delphi Financial Group, Cl A 22,475 940 Employers Holdings 35,490 754 First Midwest Bancorp 18,720 665 GFI Group* 13,950 1,011 Value Shares (000) ---------------------------------------------------------------- Investment Technology Group* 13,540 $ 587 IPC Holdings 20,330 656 Knight Capital Group, Cl A* 26,730 444 LaSalle Hotel Properties 13,610 591 Mid-America Apartment Communities # 9,860 517 Phoenix 38,110 572 Potlatch 10,580 455 ProAssurance* 19,571 1,090 Strategic Hotels & Resorts 32,480 730 SVB Financial Group* 19,940 1,059 Tower Group 12,520 399 Waddell & Reed Financial, Cl A 24,240 631 ----------- Total Financials 12,735 ----------- ---------------------------------------------------------------- HEALTH CARE--9.6% ---------------------------------------------------------------- Alpharma, Cl A 16,670 434 Analogic 18,346 1,349 BioMarin Pharmaceuticals* 30,550 548 Haemonetics* 16,030 843 inVentiv Health* 22,570 826 Medcath* 18,990 604 Owens & Minor 19,790 691 Perrigo 28,870 565 Psychiatric Solutions* 14,480 525 STERIS 23,950 733 ----------- Total Health Care 7,118 ----------- ---------------------------------------------------------------- INDUSTRIALS--12.4% ---------------------------------------------------------------- AAR* 28,710 948 Aecom Technology* 25,940 644 American Railcar Industries # 15,620 609 Barnes Group 23,970 759 EDO 21,820 717 EnerSys* 20,250 371 Flow International* 40,440 509 FTI Consulting* 21,560 820 Kaydon 20,520 1,069 Kirby* 18,490 710 RBC Bearings* 20,720 855 Regal-Beloit 7,900 368 Teledyne Technologies* 16,560 761 ----------- Total Industrials 9,140 ----------- -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS TURNER SMALL CAP EQUITY FUND June 30, 2007 (Unaudited) Value Shares (000) ---------------------------------------------------------------- INFORMATION TECHNOLOGY--23.2% ---------------------------------------------------------------- Agilysys 39,080 $ 879 Andrew* 35,610 514 Arris Group* 60,360 1,062 Bankrate* # 15,440 740 Cirrus Logic* 68,830 571 Comtech Telecommunications* 12,730 591 ECI Telecom* 78,880 722 FEI* 21,890 710 Foundry Networks* 56,640 944 Itron* # 7,310 570 Macrovision* 34,640 1,041 MKS Instruments* 42,850 1,187 Nice Systems ADR* 21,990 764 OSI Systems* 30,530 835 Progress Software* 28,350 901 S1* 77,230 617 Semtech* # 63,910 1,108 THQ* 16,385 500 Verigy* 44,150 1,263 Wright Express* 24,280 832 Zoran* 39,950 801 ----------- Total Information Technology 17,152 ----------- ---------------------------------------------------------------- MATERIALS--5.5% ---------------------------------------------------------------- Compass Minerals International 28,480 987 Haynes International* 10,480 885 Kaiser Aluminum* 9,460 689 Northgate Minerals* 91,420 265 PAN American Silver* 27,670 729 RTI International Metals* 6,920 522 ----------- Total Materials 4,077 ----------- ---------------------------------------------------------------- TELECOMMUNICATION SERVICES--2.2% ---------------------------------------------------------------- Cogent Communications Group* 23,680 707 Dobson Communications, Cl A* 83,200 925 ----------- Total Telecommunication Services 1,632 ----------- ---------------------------------------------------------------- UTILITIES--1.5% ---------------------------------------------------------------- El Paso Electric* 24,440 600 Value Shares (000) ---------------------------------------------------------------- New Jersey Resources 10,370 $ 529 ----------- Total Utilities 1,129 ---------------------------------------------------------------- TOTAL COMMON STOCK ----------- (COST $64,250) 72,310 ---------------------------------------------------------------- SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR LOANED SECURITIES--5.9% ---------------------------------------------------------------- Boston Global Investment Trust -- Enhanced Portfolio (1) 4,385,200 4,385 ---------------------------------------------------------------- TOTAL SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR LOANED SECURITIES ----------- (COST $4,385) 4,385 ---------------------------------------------------------------- CASH EQUIVALENT--2.1% ---------------------------------------------------------------- BlackRock TempCash Fund, Institutional Shares, 5.202%** 1,578,719 1,579 ---------------------------------------------------------------- TOTAL CASH EQUIVALENT ----------- (COST $1,579) 1,579 ---------------------------------------------------------------- TOTAL INVESTMENTS--105.9% (COST $70,214)+ $ 78,274 =========== Percentages are based on Net Assets of $73,887.*** * Non-income producing security ** Rate shown is the 7-day effective yield as of June 30, 2007. *** Numbers have been rounded to the nearest thousand. # Security fully or partially on loan at June 30, 2007. The total value of securities on loan at June 30, 2007 was $4,259,348. (1) A private placement security. Units are non-transferable but may be redeemed at the NAV. The Fund lends securities in its portfolio pursuant to a securities lending agreement ("Lending Agreement") with Goldman Sachs & Co. Unless otherwise agreed, security loans made pursuant to the Lending Agreement are required at all times to be secured by collateral equal to at least 102% of the market value of the securities loaned. Cash collateral received is invested pursuant to the terms of the Lending Agreement in the Boston Global Investment Trust -- Enhanced Portfolio, a pooled investment fund. All such investments are made at the risk of the Fund. As such, the Fund is liable for the investment losses. The Fund receives an annual fee for its participation in the Lending Agreement based on projected lending activity. ADR -- American Depositary Receipt Cl -- Class + At June 30, 2007, the tax basis cost of the Fund's investments was $70,265, and the unrealized appreciation and depreciation were $8,970 and $(961), respectively.*** For information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements. -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS TURNER SMALL CAP GROWTH FUND June 30, 2007 (Unaudited) Value Shares (000) ---------------------------------------------------------------- COMMON STOCK--99.2%++ ---------------------------------------------------------------- ---------------------------------------------------------------- CONSUMER DISCRETIONARY--14.3% ---------------------------------------------------------------- Arbitron # 51,040 $ 2,630 ArvinMeritor 75,000 1,665 Citi Trends* # 52,910 2,008 Cooper Tire & Rubber # 113,780 3,143 DSW, Cl A* # 53,900 1,877 GSI Commerce* 124,120 2,819 Guess? 49,020 2,355 Iconix Brand Group* # 137,600 3,057 Life Time Fitness* # 67,690 3,603 McCormick & Schmick's Seafood Restaurants* # 92,680 2,404 Phillips-Van Heusen 52,790 3,197 Priceline.com* # 48,990 3,368 Under Armour, Cl A* # 68,140 3,111 Volcom* 44,643 2,238 WMS Industries* # 147,630 4,261 Zumiez* # 77,160 2,915 ----------- Total Consumer Discretionary 44,651 ----------- ---------------------------------------------------------------- CONSUMER STAPLES--1.5% ---------------------------------------------------------------- Chattem* # 37,500 2,377 Flowers Foods # 72,390 2,415 ----------- Total Consumer Staples 4,792 ----------- ---------------------------------------------------------------- ENERGY--4.8% ---------------------------------------------------------------- Alon USA Energy # 60,810 2,676 Arena Resources* 49,320 2,866 Core Laboratories* # 27,770 2,824 Delta Petroleum* # 77,000 1,546 Goodrich Petroleum* # 69,380 2,402 W-H Energy Services* 44,850 2,777 ----------- Total Energy 15,091 ----------- ---------------------------------------------------------------- FINANCIALS--8.8% ---------------------------------------------------------------- Corporate Office Properties Trust # 42,510 1,743 DiamondRock Hospitality # 178,200 3,400 Digital Realty Trust 102,990 3,881 Greenhill # 51,740 3,555 Investment Technology Group* # 48,970 2,122 Knight Capital Group, Cl A* 127,550 2,117 MarketAxess Holdings* # 159,580 2,871 Value Shares (000) ---------------------------------------------------------------- Penson Worldwide* 81,670 $ 2,003 SVB Financial Group* # 44,230 2,349 Waddell & Reed Financial, Cl A 125,620 3,268 ----------- Total Financials 27,309 ----------- ---------------------------------------------------------------- HEALTH CARE--18.3% ---------------------------------------------------------------- Alexion Pharmaceuticals* 82,100 3,699 Array Biopharma* # 119,200 1,391 BioMarin Pharmaceuticals* 103,030 1,848 Chemed 11,620 770 Healthways* # 39,940 1,892 Hologic* # 63,340 3,503 Icon ADR* 45,480 1,989 Immucor* # 102,370 2,863 InterMune* # 60,020 1,557 inVentiv Health* # 67,540 2,473 Inverness Medical Innovations* # 53,600 2,735 KV Pharmaceutical, Cl A* # 88,150 2,401 Kyphon* # 51,400 2,475 Medicis Pharmaceutical, Cl A # 48,640 1,486 NuVasive* # 78,590 2,123 Parexel International* # 87,210 3,668 Perrigo 150,800 2,953 Progenics Pharmaceuticals* # 52,900 1,141 Psychiatric Solutions* # 64,470 2,338 Sunrise Senior Living* # 62,320 2,492 Trizetto Group* # 114,720 2,221 United Therapeutics* # 40,600 2,589 West Pharmaceutical Services # 98,840 4,660 XenoPort* 37,990 1,688 ----------- Total Health Care 56,955 ----------- ---------------------------------------------------------------- INDUSTRIALS--17.4% ---------------------------------------------------------------- Actuant, Cl A # 71,490 4,508 Acuity Brands 41,300 2,489 Aecom Technology* # 64,630 1,603 Airtran Holdings* # 192,990 2,107 Baldor Electric 77,540 3,821 BE Aerospace* 95,860 3,959 Cenveo* # 162,400 3,766 FTI Consulting* 79,210 3,012 -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS TURNER SMALL CAP GROWTH FUND June 30, 2007 (Unaudited) Value Shares (000) ---------------------------------------------------------------- GATX 47,780 $ 2,353 General Cable* # 24,880 1,885 Geo Group* 129,300 3,763 Horizon Lines, Cl A 64,810 2,123 HUB Group, Cl A* 75,130 2,642 Huron Consulting Group* # 47,540 3,471 Infrasource Services* 86,080 3,194 JA Solar Holdings ADR* # 101,500 3,424 Kenexa* # 75,990 2,866 Knoll # 153,500 3,439 ----------- Total Industrials 54,425 ----------- ---------------------------------------------------------------- INFORMATION TECHNOLOGY--25.5% ---------------------------------------------------------------- Advent Software* # 69,300 2,256 Anadigics* # 188,930 2,605 aQuantive* 34,240 2,185 Atheros Communications* # 145,720 4,494 Blackboard* # 70,320 2,962 Brightpoint* 166,840 2,301 Brooks Automation* 129,670 2,354 C-COR* 38,220 537 Comtech Group* # 186,270 3,075 Equinix* # 38,270 3,501 Flir Systems* 59,270 2,741 Formfactor* 72,600 2,781 Foundry Networks* 136,690 2,277 Limelight Networks* # 76,180 1,507 Micros Systems* 71,310 3,879 Net 1 UEPS Technologies* 96,240 2,324 Nice Systems ADR* 48,260 1,677 Omniture* # 113,657 2,605 ON Semiconductor* # 202,820 2,174 Polycom* # 111,990 3,763 Quality Systems # 52,220 1,983 Riverbed Technology* # 77,910 3,414 SAVVIS* 62,230 3,081 Semtech* # 162,562 2,817 Sonus Networks* # 441,557 3,762 Tessera Technologies* # 100,570 4,078 The9 ADR* # 39,050 1,806 THQ* # 50,980 1,556 Value Shares (000) ---------------------------------------------------------------- Verigy* 79,580 $ 2,277 VistaPrint* # 69,500 2,658 ----------- Total Information Technology 79,430 ----------- ---------------------------------------------------------------- MATERIALS--5.6% ---------------------------------------------------------------- Century Aluminum* # 56,160 3,068 H.B. Fuller # 107,380 3,210 Hercules* 137,910 2,710 PAN American Silver* # 87,020 2,291 RTI International Metals* 21,820 1,644 Ryerson # 48,470 1,825 Silgan Holdings # 49,130 2,716 ----------- Total Materials 17,464 ----------- ---------------------------------------------------------------- TELECOMMUNICATION SERVICES--3.0% ---------------------------------------------------------------- Cogent Communications Group* # 141,710 4,233 Dobson Communications, Cl A* 186,880 2,076 Time Warner Telecom, Cl A* 149,500 3,005 ----------- Total Telecommunication Services 9,314 ----------- ---------------------------------------------------------------- TOTAL COMMON STOCK ----------- (COST $256,806) 309,431 ---------------------------------------------------------------- SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR LOANED SECURITIES--58.9% ---------------------------------------------------------------- Boston Global Investment Trust -- Enhanced Portfolio (1) 183,866,320 183,866 ---------------------------------------------------------------- TOTAL SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR LOANED SECURITIES ----------- (COST $183,866) 183,866 ---------------------------------------------------------------- CASH EQUIVALENT--0.7% ---------------------------------------------------------------- BlackRock TempCash Fund, Institutional Shares, 5.202%** 2,296,882 2,297 ---------------------------------------------------------------- TOTAL CASH EQUIVALENT ----------- (COST $2,297) 2,297 ---------------------------------------------------------------- TOTAL INVESTMENTS--158.8% (COST $442,969)+ $ 495,594 =========== Percentages are based on Net Assets of $312,043.*** * Non-income producing security ** Rate shown is the 7-day effective yield as of June 30, 2007. *** Numbers have been rounded to the nearest thousand. # Security fully or partially on loan at June 30, 2007. The total value of securities on loan at June 30, 2007 was $177,089,099. -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS TURNER SMALL CAP GROWTH FUND June 30, 2007 (Unaudited) (1) A private placement security. Units are non-transferable but may be redeemed at the NAV. The Fund lends securities in its portfolio pursuant to a securities lending agreement ("Lending Agreement") with Goldman Sachs & Co. Unless otherwise agreed, security loans made pursuant to the Lending Agreement are required at all times to be secured by collateral equal to at least 102% of the market value of the securities loaned. Cash collateral received is invested pursuant to the terms of the Lending Agreement in the Boston Global Investment Trust -- Enhanced Portfolio, a pooled investment fund. All such investments are made at the risk of the Fund. As such, the Fund is liable for the investment losses. The Fund receives an annual fee for its participation in the Lending Agreement based on projected lending activity. ADR -- American Depositary Receipt Cl -- Class + At June 30, 2007, the tax basis cost of the Fund's investments was $443,278, and the unrealized appreciation and depreciation were $56,460 and $(4,144), respectively.*** ++ More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes. For information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements. ITEM 2. CONTROLS AND PROCEDURES (a) The registrant's principal executive officer and principal financial officer, concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) were effective as of a date within 90 days of the filing date of this report (the "Evaluation Date"), based on their evaluation of the effectiveness of the registrant's disclosure controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. (b) There were no significant changes in the registrant's internal control over financial reporting that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 3. EXHIBITS. (a) A separate certification for the principal executive officer and the principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(a)), are filed herewith. ________________________________________________________________________________ SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) Turner Funds By (Signature and Title)* /s/ Thomas R. Trala, Jr. ------------------------------ Thomas R. Trala, Jr., President and CEO Date: August 28, 2007 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By (Signature and Title)* /s/ Thomas R. Trala, Jr --------------------------------------- Thomas R. Trala, Jr., President and CEO Date: August 28, 2007 By (Signature and Title)* /s/ Michael Lawson --------------------------------------- Michael Lawson, Controller and CFO Date: August 28, 2007 * Print the name and title of each signing officer under his or her signature.